As any business grows, business owners start asking themselves when they’ll need a CFO. Sound familiar? You might be thinking these same thoughts right now. According to Forbes.com, the answer to this question lies in whether you have a firm grip on all of the financial info necessary for making important financial decisions without the help of a CFO. Do you? Every time a serious financial decision pops up, do you wish you had somebody more experienced to turn to for an answer that you can count on?
If you answered yes, then you need a CFO. There are two viable options here. You could bring on a full-time/in-house CFO or you could simply turn to an outsourced CFO who works as a CFO consultant for your company. Outsourcing your CFO services means that you hire a company that offers outsourced CFO services. Here at DeepSky accounting, we do just that. Our team will work for your company in the capacity of CFO for the number of hours monthly that is agreed upon, or on a project-by-project basis.
In-House/Full-Time CFO Advantages
- Being able to trust in the fact that your in-house CFO is all yours and he/she won’t be in any way distracted by another client’s needs.
- Some business owners feel that, since an in-house CFO is entirely focused on your business, he/she could possibly have the ability to more clearly see that big picture.
In-House/Full-time CFO Disadvantages
- First and foremost it’s the high cost of an in-house/full-time CFO.
- Median annual CFO salaries can range as high as $311,562.
- The cost is prior to factoring in health care costs and other benefits.
Outsourced CFO Advantages
- An outsourced CFO has a point of view that is generally more objective and he or she could offer a solution that an in-house CFO couldn’t see.
- Much lower cost since an outsourced CFO doesn’t command a high salary as an in-house CFO does.
- You don’t need to offer an outsourced CFO any bonuses, vacations, or healthcare benefits.
- You’ll only be paying for whatever amount of time that you need.
Outsourced CFO Disadvantages
- You might get an uncomfortable feeling at first when you give your intimate financial details to an outsourced CFO.
- You might see an outsourced CFO as somewhat transitory but we can assure you that, if you choose us, there’s no need to worry about that. At DeepSky, we are a professional accounting company in Orange County and we’re not going anywhere.
Want a Free Outsourced CFO Quote?
At DeepSky, we’re ready to prepare a free quote for a customized CFO plan for you, so contact us at (949) 200-6829. You can also fill out our user-friendly form so that you can have the opportunity to find out what we could do for your company.